Construction Loans are a great way to do it all. One loan with one closing that provides for the financing to purchase your land, build your home, and finally, when completed, we will roll it into a permanent mortgage.

An experienced mortgage specialist will walk you through the steps, answer all of your questions, and simplify the application process. Most importantly, they will help you decided which options make the most sense for you.

Parameters:

Interest only on the funds advanced during construction period of up to 12 months

Up to 80% financing based on a completed value

Appraisal fee: $400.00 single family, $575.00 2-4 family

Credit Report fee: $62.85 Joint, $31.55 Individual

Maximum loan amount: $1,000,000.00

60 Day Rate Lock – other Rate Lock options available

Required Documents:

Complete Mortgage Application Package

Plans and Specs

Signed Construction Contract with a Licensed General Contractor

Copy of General Contractor’s License

Copy of General Contractor’s Liability Insurance Policy

Septic System Plans, if applicable

Building Permit

Signed Purchase and Sale Agreement or Deed

See Rates

Rates effective as of 5/22/2019 and offered through 5/29/2019

Construction/Permanent Mortgage

Type

Rate

Points

APR*20% Down

Caps

Margin

Max Term

5/5 ARM

4.250%

1

4.819%

2/6

2.75%

30 Years

7/3 ARM

4.250%

1

4.743%

1/4

2.75%

30 Years

10/1 ARM

4.625%

1

4.975%

1/4

2.75%

30 Years

5/5 ARM at 4.250% for 30 years would be repayable in 48 monthly payments of $5.00, followed by 300 monthly payments of $6.09 per $1,000 borrowed.
*APR=Annual Percentage Rate

See Jumbo Rates

Rates effective as of 5/22/2019 and offered through 5/29/2019

Construction Jumbo ARM - Over $750,000

Type

Rate

Points

APR1

Caps

Margin

Max Term

5/5 ARM Jumbo

4.750%

0

5.391%

2/6

3.500%

30 Years

7/3 ARM Jumbo

4.750%

0

5.285%

1/4

3.500%

30 Years

10/1 ARM Jumbo

5.125%

0

5.478%

1/4

3.500%

30 Years

5/5 ARM at 4.750% for 30 years would be repayable in 60 monthly payments of $5.30, followed by 300 monthly payments of $6.42 per $1,000 borrowed.